Captain's Quarters

[NYBob]

JD400 thanks, Jim Sinclair News today -



Jim Sinclair’s Commentary

Here comes infinite stimulation to support the Administration.
Gold goes to a new high.

Bernanke Departure With Duke Heralds Cascade of Fed Appointments
By Joshua Zumbrun – Jul 11, 2013 10:00 PM MT

Elizabeth Duke’s resignation from the Federal Reserve Board and
Chairman Ben S. Bernanke’s potential departure in January could
set off a series of vacancies and appointments that give
President Barack Obama the opportunity to leave his mark on the
Fed for a decade or longer.

Duke announced yesterday she is leaving the board in August, and
Obama signaled last month that he expects Bernanke to leave when
his current term expires next year, saying the central bank
chief had stayed in his post “longer than he wanted.”

“There’s an opportunity for the president to shape the
composition of the board for a long time,” said Roberto Perli, a
Washington-based partner for Cornerstone Macro LP and a former
senior staff economist in the Fed’s division of monetary
affairs.
“Obama is unlikely to nominate someone who differs from the
current policy framework.
It cements the fact that monetary policy is likely to remain
very accommodative for the next couple of years, if not longer.”

The pending vacancies at the Fed will require confirmation by the
Senate, which has posed an obstacle to previous financial
regulatory appointments by Obama, including at the central bank.

Nobel-prize winning economist Peter Diamond was unable to win
confirmation to the central bank in 2010 amid Republican
opposition.

The Senate approved Bernanke for his second term with the
thinnest margin of any recent chairman, as senators registered
outrage at bailouts during the financial crisis.

Jim Sinclair told an audience of 591 in Vancouver
that the gold price correction was over.
Thursday, 11 July 2013

‘This is probably a historic day for the gold price,’ he said.
‘With the $1,275 barrier broken we are back on the way up.’

The gold price jumped after Fed chairman Ben Bernanke said
‘highly accommodative’ monetary policy will be needed for the
‘foreseeable future’ following a speech in Cambridge,
Massachusetts after US markets had closed.

Gold going up

But Mr. Sinclair noted that technical indicators had been
pointing to a change of direction this week.
He expects gold to retest its all-time high of
$1,923 by August 2013 and advance to
$2,400 before succumbing to another correction.

Further out he has $3,200-$3,500 in his sights
with much higher prices likely if the physical metals takeover
from the futures pit as the price setting mechanism for precious
metals, something he says might happen in three months’ time
when the Comex inventories get too low for it to continue.

After the four-hour long meeting he sat down with ArabianMoney
to give us some additional insights into how the gold market
will move in the year ahead, and the full text of this interview
and our notes from his main presentation will be available only
to subscribers to our sister newsletter (subscribe here).

Mr. Sinclair is one of the most widely followed gold commentators
in the world and advised the legendary Hunt Brothers in the late
1970s when they cornered the silver market driving
silver to $50 an ounce, a price still unrepeated today.
His website www.jsmineset.com is one of the most popular
gold resouces.

http://www.jsmineset.com/


Cool, we said it first though GG bull going higher :)



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